“We don’t do it just for the money”: despite falling prices, cryptocurrency fans are still here

They bought cryptocurrencies several years ago or recently, but have all been affected by falling market prices since then. While some have lost significant sums, they still believe in cryptocurrencies.

Hervé bought his first cryptocurrencies in 2017, because he believed “a little in the operation of Ethereum, the second most popular cryptocurrency behind bitcoin. ” At the time, Ethereum was worth 120 euros “, he says. When almost a year later, ETH went up to 1,200 euros, it was the jackpot. He sold part of it in the process, when Ethereum was around $ 800 per unit, and he pocketed a nice sum. which he has chosen to reinvest.

Only this time the market did not play entirely in his favor: after rising very strongly, the price of ETH started to fall again, dropping by more than half. ” But despite that, I don’t sell »Explains Hervé today. His decision may be surprising, but he believes it. “ The Ethreum blockchain will be active proof of participationwhich will consume less energy. Hope the price stabilizes. ”

While bitcoin has been down for 6 months, like Hervé, many of them don’t see the sudden drop in the price of cryptocurrencies in a completely negative way. The “ long-term “, As some call themselves, they don’t want to see the fall of cryptocurrencies as a fatality and believe in an imminent price rebound. More than anything else, they believe in the cryptographic project and there are not” just for the money “.

The drop in cryptocurrency prices hasn’t deterred all owners // Source: Canva

“There cannot be a complete collapse”

This is particularly the case with Paul, who has invested in Ethereum mining equipment and who owns a few bitcoin units. He is not particularly motivated by money: he claims to be there ” to support the system, for experience and enjoyment, among other things “Above all, he joins the cryptocurrency project and, if he undermines, he is primarily participating in the project. Even though his bitcoins have lost value in the end, the drop in prices doesn’t worry him that much.

With the number of large institutions that have invested in bitcoin, funds like BlackRock, banks like JP Morgan, companies like Tesla, states like El Salvador, there really can’t be a complete collapse anymore. “, Relativizes. ” The one major concern with bitcoin is that many people still see it as speculative value, and as it is not backed by tangible capital, it tends to yo-yo. “, He admits, though.

This lack of tangible capital is a criticism often addressed to bitcoin: its value is not based on a company, unlike traditional stock markets. It is partly because they are not tied to a company’s production or assets that cryptocurrency values ​​can fluctuate so much – and Christine Lagarde, president of the European Central Bank, believes that ” cryptocurrencies are useless “.

But these fluctuations don’t deter cryptocurrency followers. Another person interviewed by Numerama explained ” hate speculation “, And would have” he preferred that cryptocurrencies could become a real currency it can be used to buy goods and as a cash reserve. Even Max, who at first was ” much more interested in the financial side of things he has since changed his mind.

Today I am much more measured and try to have a reserve of money outside of a centralized system, just in case. ” Even if he recognizes it it’s always a bit annoying when you see yourself losing hundreds of euros in a few weeks “, He does not repent. ” Today I buy crypto to have less money in the bank. ”

Some people keep investing in bitcoin // Source: Canva

What future for cryptocurrencies?

In any case, they are convinced: it is not the collapse of the Earth ecosystem that marks the death of cryptocurrencies. ” In my opinion, cryptocurrencies have a bright future and prices will generally rise over the long term says Max, who bought Ethereum and bitcoin. ” In a context such as today, where a lot of money has been printed, where there is an ongoing war and where times are uncertain, it is interesting to have value outside of a centralized system. “, He observes.

More cynically, he even believes that the sudden drop in prices will allow ” purify the market ” of the ” short term “.” I’m just here to make quick money, and if the market has a downward trend, they will want to run away to lose as little as possible. Which lowers valuations and keeps people motivated by long-term profit or ideology “Says Massimo.

Ethereum is the second largest cryptocurrency in terms of valuation // Source: Canva

Same story from Paolo: ” The drop in prices is above all a welcome review for anyone who thinks cryptocurrencies are a way to make money easily. It’s wrong ! Not all cryptocurrencies are created equal and will lead a healthy distance in the market, he believes.

Above all, the price of cryptocurrencies is increasingly similar to that of the classic stock market. ” A stock like Nvidia’s lost 46 points in 6 months and the company was the eighth capitalization in the world at the time “, Paul remembers. Shares of the microprocessor company, which sold for more than $ 329 in November 2021, have since fallen and are trading around $ 180. ” So, if you don’t need to be warned for the stock market, it’s the same for cryptocurrencies “.

Leave a Comment